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Medicare By Itself

Finishing Well / Hans Scheil
The Truth Network Radio
May 14, 2022 8:30 am

Medicare By Itself

Finishing Well / Hans Scheil

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May 14, 2022 8:30 am

Hans and Robby are back again this week with a brand new episode! This week's show is about what you can expect when you have just medicare by itself.

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!

You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at  Find us on YouTube: Cardinal Advisors.


Hello this is will Hardy with man talk radio. We all about breaking down the walls of race and denomination your chosen Truth Network podcast is starting in just a few minutes. Enjoy it, share it, but most of all, thank you for listening to The Truth Podcast Network. This is the Truth Network welcome to finishing well brought to you by Cardinal guy, certified financial planner belonged to her child. Best-selling author and financial planner helping families finish well for over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well, finishing well is a general discussion and education issues facing retirees are no advisors. I'm sure I'll see if Pete insurance this show does not offer investment products or investment advice welcome to finishing well, a certified financial planner Hans Schild in today's show is Medicare by itself. And so as I was listening to the video that accompanies this through Cardinal advisors on their YouTube channel. I was just amazed at how much I didn't know about Medicare. I spent so many times zero going through the stuff but it's it's just wonderful, wonderful, like the gospel like you. You can go through it time and time again and every time you learn something intimate, you know that's kind of like the childlike spirit like children ask a lot of questions and they're hungry for information and so I hope is you as you go into this show today that it's like that Bible passage of read 40 times and every time you get a little bit more out of it and you see more the application of it that here we go to Medicare by itself and as disciples right in Matthew 28.

Jesus told us go and teach well is really a gift that God is given Hans to teach this stuff so that we can understand it in so with all that said, here we go on Medicare by itself. Hans yeah will in your prayer that we should go.

You talk about really.

Gratitude and you had gratitude and we have gratitude about my ability to teach and thanking God for that and I think that that helps in being a student and specifically about the subject Medicare a minute a lot about their just by the population, especially people turning 65 where they just not only don't understand the subject very well there already cynical about this program and it really stops them from making good decisions and get the most out of Medicare now I so I think that this ingratitude really and you know Medicare along with Social Security and everything else comes from God and it just even though it's delivered by the US government and people can get a little angry about that. We need to remember that this is the health insurance program for people 65 and over and were all going to go on and what I find is that people coming to me seem to know less about this and they did years ago and after the watch all my videos and listen to me on the radio and the come to me and they just they haven't learned a whole lot about it. I'm not sure that it's their fault because the sources of information about Medicare and then specifically what you need to do about it when you turn 65 on it for a while, are not very good at negatively regulated by the insurance When there's plenty a government stuff out there, but it's difficult to decipher through hundred and some page manual and then you know that the information flows controlled by the insurance. A lot of people limit themselves to that and they're starting with the solution to the problem when summer comes and calls on you or you doing on the fall watching TV ad or you got a salesperson for your kitchen table explaining what they're doing is explaining the solution to the problem or they're selling you insurance in their working.

The whole thing backwards. If you're like me and your sister is commercial after commercial after commercial if you watch any TV.

It is could be hammered with all these gimmicks actually from my perspective, you need the gym membership and you need dental care and all the stuff that get in the art of the matter with the right people at the messages flying Adam and taking that and deciphering it in the letter. Learning about Medicare from the end of the game backwards. And so what I've done in this video on YouTube and what would you do this morning is just going to talk about Medicare all by itself. The program was designed to be your health insurance may not. I've been selling since 1976, 46 years this summer and another program was only about 10 years old and there were a lot of people almost 50 years ago that were 65 and over, and they only had Medicare images relied on Medicare by itself, and they were thankful for you and when they get sick they realize the gaps in it but there were still thankful and they probably understood it back then. Much better than they do now, so let's spend a little bit of time talking about Medicare by itself, which should get the insurance not recommending you do this just for the sake of learning is what would it be if you only had back that's all you had for insurance now. The way that works is Medicare original Medicare is broken into two parts.

Part a and part is just like the old timely health insurance policies you had hospital insurance and then you have medical and surgical insurance. You know when you get into the words of like Blue Cross Blue Shield, which was really that's what it was called in the beginning. Blue Cross was a hospital insurance in Blue Shield with the medical so they came out with Medicare part a which is a hospital insurance in part B, which is the medical and surgical experience insurance so if you just had Medicare by itself in 2022 and you go in the hospital under part a that's where your hospital bill goes, you can stay in the hospital 60 days to come in and go back out and come back in counseling in Medicare by itself is $1506 so we just have $100,000 hospital bill for 10 days in the hospital and Medicare paid $98,400.

This sum is glad. So is that per year.

Where is there a forever timeframe and that so that 60 days how and what timeframe is that in her condition. Her reason for hospitalization, you could pay that multiple times within a year. If you you know if you have a heart attack and were in the hospital in February and then you broke your hip something and you are in the hospital again in July that would be two different periods in two different duck. So what if you have Seo heart attack in you know, 1999 and you are in the hospital for 30 days without an you had another one in 2015 and you're in the hospital enough this is that considered the same condition even though it was years apart. Well, okay, that would be truly poor condition for pulsation But let's not get into the weeds about that and just understand if you gonna hospital, you know, $1556.

Not sure and then a few you know you if you come out of the hospital but then you have to go back again for the same thing you knocked out again happened minutes is pretty much under part a year only liability for a hospital stay is $1556 okay okay now you can't go in the hospital without incurring part B charges because everything is not on your hospital bill. All the doctors you have the lab test before you go in the MRI which you do over it some other place and all that can be a part B expense that's paid much differently. There is a $233 annual deductible so that you make these different but she sits in the beginning of the year. The first 233 boxes on and then once you get $233. Medicare pays 80% of their approved charges so and then you are responsible for 20%.

If you didn't have any insurance which will affect the assumption that were making for this and you pretty much sounds like your group insurance that you have worked, but a huge difference as there is no stop loss on the 20% so most group insurance works is that you have paid 20% of the bill until it gets to where you paid 5000 out-of-pocket 2000 something like that and then I go through hundred percent. That never happens with Medicare so you could, you know, if we went back to that big hospital bill. We attempt hundred thousand dollars and you're only owed $1500 of your pocket. That's pretty good coverage is like 98% coverage but then if you got to you when the hospital that long Say you had $50,000. Part B expenditures will than they would pay 80% of the 50,000 or 40,000 and you would be responsible for the 10,000 out-of-pocket and there is no limit on the 10,000 that clear, while unfortunately and so that's a big liability that everyone's ensuring is the 20% without And that's with the Medicare supplement ends up paying the net now were talking original Medicare. I'm sure that some people listening and thinking will I don't have to pay 20% of everything you you might get a Medicare advantage plan and that's that that's what we can get to that later but were talking about original Medicare. Here and then most people buy a supplement which will get you in the second show where we'll talk a little bit about that, but I want to keep going over and over there still people understand Cartier Gephardt be in part a covers most your hospital bill other than the systolic 1500 bucks and then part B covers 80% of your everything but the hospital all the medical expenses and outpatient and then your responsibility would be 20% in the 20% doesn't have a Girl stop loss on time.

The cover so we got to go to a break that we want to remind you that's all this information again is as well as Hans's book the complete carnal guide to planning for and living in retirement, which is again available at the website as well as a video on the same subject, which is can it be at target five cardinal advisors on their YouTube channel so will be right back with in a moment with providing all sorts of other information that you find outstanding when it comes to just one original Medicare was will be right back. Hans and I would love to take our show on the road to your church and Sunday school Christian or civic room. Here's a chance for you to advance the kingdom through financial resources by leveraging Hans expertise and qualified charitable contributions veterans aid and attendance, IRA, Social Security, Medicare, and long-term care. Just go to carnal and contact Tom to schedule a live recording of finishing well, your church, Sunday school or civic contact on carnal guide.that's carnal welcome back to finishing well with certified financial planner Hans Schild in today show Medicare by itself.

And so by now were just going over what happens. Wow if you end up going in the hospital. There's a lot more to it than just that right Hans that covers 60 days in the hospital, which is a long time these days, but there are people that stay longer than 60 days and so you know your hospital bill. If you only had Medicare by itself, you know, about 1500 bucks for the first 60 day know when you get the 61st day. Now you got a $389 a day coping. So now we could start talking about some Jack for some of Wayne in the hospital for a bunch days. You're getting paid 399 bucks a day so that's 3800 and something and then once you get 90 days. That amount doubles to almost 800 bucks a day from the 91st of the hundred and 50th day and then after the hundred and 50th day Medicare runs out. It's over. So that is a liability on a long-term hospital stay. You know it's a very rare thing or a very low percentage, but it does happen in Medicare is all set there.after hundred 50 days wow that's that is when keep sin, but obviously are, you know, it's my experience always try to get your hospital as quickly as I possibly can and then wicked and I do appreciate it. Read and then you know the rehab is really necessary to get Medicare to pay for rehab or skilled nursing and when they began to seek a come from the hospital. First, further using it as a way to get you out of the hospital and then Medicare itself once you qualify for that is going to pay it in full for 20 so you got nothing out-of-pocket for the first 20 days, and then beginning the 21st day you got a copayment of like almost $200 a day and then Medicare pays the rest. But it's rare that they certify any longer than 30 days some real complicated Medicare to make sure you're skilled and fundamentally means are you improving or can they see improvement and they see improvement in your future.

You can be really bad off but yet you're not improving and they're going to call you intermediate or custodial care decertify your Medicare all being said there's a schedule and there's a payment system for when your Medicare approved its commitment to payout sellers. Also, home healthcare benefits, skilled home healthcare that they can push you back home and come out and see every day and do a little something for you and that's working on the subway to get hospital Medicare will pay for that now.

For part B. Boy, if you're going at home. They also have home healthcare benefits under part B, but this is where people get down and I start getting all confused and I really want to go back to said rich is that part a is hospital part B is medical part a you got a $1500 essentially deductible or payment. Medicare pays the rest of the first 60 days and under part B got 80% coverage. Medicare pays 80% viewed at a 20% so now we want talk insurance a little bit before we do that, can we go back to skilled care just for a minute because that is like taking a bath or anything on our skilled care is really a lot different situation. I yeah I mean it's somebody that needs help getting out of bed and get a lot to the bathroom or they need to go to the bathroom, whether in bed. It's somebody that needs physical therapy. Somebody needs occupational therapy. Somebody needs breathing therapy minutes stop administered by a skilled medical worker or a nurse or some type of practitioner that it is doing stuff to you to get you better not to just maintain such a pretty strict definition and really keep some people are under the misconception that Medicare covers long-term care which is custodial care stuff like giving a bath and just take care of you and feeding you the kind of thing in that's not covered by Medicare. It needs to be skilled rehabilitative care and then you're going to be released decertify to better for a lot of people that never happened during poor health and maybe they get certified for a while then eventually registered decertify may begin stay in place so medicating and do much for you from long-term care, other than get you out of the hospital possibly so, and I want to jump into the insurance a little bit and so it's pretty simple.

Is the plan G supplement pays everything Medicare doesn't pay. Except for that part B deductible of $233 a year. When I say everything I mean everything. If Medicare proves it in case something on and they hit you with dollars deductibles and co-pays for the unlimited 20%.

That's all paid by the plan G so people actually get sick with the stuff and incur big bills and they got original Medicare part a and part B and then I have a plan G or a high option supplement there there to wait for the bills when they come home and they never come because it's just all covered between the two, but still when it comes to something that's not covered so like that when you talk by custodial care or long-term care. That supplement doesn't help from there either.

And that's why there's longer. You need long-term care insurance. You need you need something to prepare for that and another day, another show what what I want to be clear on is Medicare by itself is really better than people think it is, but it still has some pretty big gaps in deductibles and potential out-of-pocket and then the supplement comes in and pays almost all that's the way to go. You can afford now where people get real confused is when they been listening to the sale of the Medicare grant, which I don't want to sound biased against him because I'm not. We sell lots of and for the right people. In fact, you have one. Turns out you know it yet. It is verifying and and really one of the ways that when the things the advantages that is you don't have to pay a premium for Medicare supplement insurance and she just you you you go on this Medicare advantage and you don't have a supplement when you have Medicare advantage by your election, you gone to private insurance company and you get your Medicare from the private insurance company that you will and so a lot of those 00 premium and so you saving the money from the supplement and you've got smaller deductibles and smaller limits worship you gnawing on your liability so it's going to pay much better than original Medicare by itself, but is not A better than them.

Medicare supplement casino. When I got back to my dad who spent last year his life. He was probably in and out of the hospital.

Maybe six times in many women went out when enmity had like you talked about the highest deal, you know, supplement, and even though nothing.

I mean, it was unbelievable but we know we did go through that bit where they put them in rehab and all they wanted to decertify and get them out of there and all that stuff would've cost him money. But when he went home, no I didn't end up costing anything away when what happens to people you talk to somebody that Medicare for 10 years and they been sick and they been through something major now. What happens is instead of thinking Medicare is awful. They think Medicare is great and actually effective Medicare supplement so great and those things Medicare supplements are identical or medically by and they're going to pay what Medicare doesn't. And most people don't understand Medicare well enough to know that Medicare paid the lion share of the bill is supplement came in and paid the rest and then the Medicare supplement company usually gets all the credit, which I'm happy to take if I spoke into the reality is it's not really showing a clear picture because you think about how wonderful it is that you know I have a friend really know her husband died and she has no other income is really a difficult situation is lives on a very small Social Security and and lives on Medicare and wow where would she be without that because her sons are in a position to take care of her and it's like oh my goodness this is a godsend for her. It people that are 65 and over are well covered.

I'm going next year.

I know exactly what I do and I mean obviously work so I know this you you talk to somebody who's in their 70s or eight and they have Medicare and they have a supplement to have an advantage plan to rave about the Medicare plan because they outweigh less than they did before they were 65 in every picture there there where Dan paid less crime because the group insurance had gotten crazy before, went on Medicare and so you know it's the two or $300 a month savings not to be on the private health insurance and a clot in the coverage is better like really so man paid sometimes a little bit older and here is another one like his people wiped away days so much that they tend to hang on to their Medicare so when they had the same one for 10 years when they can switch to exactly the same thing with a different company and are willing to pay $100 a month more for the one they know that the new one and decile so I what I also want values if you're paying a lot for your Medicare supplement I get in touch with me or go to our website at a rate calculator on their just see how much you can save by making a change and that we do that a lot as well. We ran out of time again before we ran out of this with this Medicare but again the joy of it is I get to keep learning and get to be better stewards of the different plans and the different ideas we thank you so much Hans again.

The show was brought to by cardinal or unify Hans's contact information as well as his book the complete carnal guide to planning for living in retirement.

And of course all this information is on the YouTube video that is called Medicare by itself which is beautiful because Hans has this board where he walks you through the numbers and all that stuff and that's it. Cardinal advisors in your YouTube channel right thank you, thank you so much Hans S. Finishing well is a general discussion and education of the issues facing retirees cardinal Cardinal advisors upon trial CFP some insurance this show does not offer investment products or investment advice.

We hope you enjoyed finishing well brought you by cardinal visit cardinal for free downloads of the show or previous shows on topics such as Social Security, Medicare and IRAs, long-term care, life insurance, investments and taxes as well as constant best-selling book, the complete carnal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows what to get Hans book go to cardinal if you have a question, comment or suggestion for future shows.

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